President Muhammadu Buhari has approved the splitting of the Nigerian National Petroleum Commission, NNPC into four autonomous companies, ThisDay reports.
This disclosure was made known to pressmen by Nigeria’s Minister of State for Petroleum Resources and the corporation’s group managing director, Ibe Kachikwu, on Thursday, December 17, at a town hall meeting in Abuja.
According to him, the next phase of the restructuring, as approved by the president, would see the state oil company broken into four different autonomous profit-oriented companies.
He further explained that the effect of the restructuring would enable NNPC to focus on individuals who will lead as quasi-managing directors to run the entities with the aim of delivering profits for the organisation.
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